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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions
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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Bitcoin And Crypto Market Cap Declining: BCH, BNB, EOS, TRX Analysis

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 12:48 pm
2 mins read
Bitcoin Crypto Market Altcoinsanalysis

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  • The total crypto market cap is declining and it is now well below the $200.0B resistance.
  • Bitcoin price is down close to 2% and it is now trading below the $7,400 support.
  • EOS price is approaching the $2.600 support area and it could bounce back.
  • Binance Coin (BNB) is currently down around 3% and it is struggling to stay above $15.00.
  • BCH price is slowly moving down towards the main $205 and $200 support levels.
  • Tron (TRX) price is declining towards the main $0.0140 support area.

The crypto market cap and bitcoin (BTC) are struggling to continue higher and

 

declining. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are under pressure.

Bitcoin Cash Price Analysis

After a short term upward move, bitcoin cash price failed to climb above the key $220 and $225 resistance levels against the US Dollar. The BCH/USD pair is currently declining and it is trading below the $210 level.

On the downside, the first key support is near the $205 level, below which the price is likely to test the main $200 support area in the near term. On the upside, a clear break above $225 is needed for a decent increase.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price failed to surpass the $2.850 resistance area and it is currently declining. The price is down 3% and it is trading near the $2.600 support. If there are more losses, the next major support is seen near the $2.500 level. On the upside, the $2.700 level might protect gains.

Tron price is under a lot of pressure and it is now trading well below $0.0145. An initial support is near the $0.0142 level. However, the main support for TRX price is near the $0.0140 level, below which there is a risk of an extended decline.

Binance coin (BNB) faced a strong selling interest near the $15.80 and $16.00 resistance levels. As a result, BNB price declined and it is now trading below $15.25. An initial support is near $15.05 and $15.00, below which the bears are likely to take control in the near term.

Crypto Market Cap Bitcoin
Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, the $200.0B level acted as a strong resistance. The crypto market cap is currently declining and it recently broke a major contracting triangle with support near the $195.0B level.

If the recent breakdown is real, there is a risk of more downsides in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX. If not, the market could make another attempt to climb above $200.0B and $205.0B.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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